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Determine the consolidated retained earnings

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Question - On January 2, 2020, P Company acquired 80% investment in S Company. The acquisition cost was equal to P equity in S net assets on that date. The retained earnings of P and S are P500,000 and P100,000, respectively. During 2020, P had net income of P200,000, which included its equity in S earnings, and declared dividends of P50,000; S had net income of P40,000 and declared dividends of P20,000. On December 31, 2020, determine the consolidated retained earnings?

Reference no: EM133150577

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